Original-Research: Daldrup & Söhne AG - from Quirin Privatbank Kapitalmarktgeschäft
06.06.2025 / 09:57 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Daldrup & Söhne AG
Company Name: Daldrup & Söhne AG
ISIN: DE0007830572
Reason for the research: Update
Recommendation: Buy
from: 06.06.2025
Target price: 18.00
Last rating change:
Analyst: Ralf Marinoni
FY 2024: EBIT more than doubled
Daldrup & Söhne closed 2024 extremely successfully: the company managed to increase EBIT from EUR 2.6m (FY 2023) to EUR 6.9m. At EUR 54.6m, its total output was significantly higher than the previous year (EUR 48.4m). The consolidated net profit for the past business year amounted to EUR 2.5m (FY 2023: EUR 0.9m). EPS thus amounted to EUR 0.42 (previous year: EUR 0.15). Its equity ratio is comfortable at 68.8% (previous year: 50.6%). As of the balance sheet date of 31 December 2024, Daldrup also had cash and cash equivalents of EUR 6.4m (previous year: EUR 3.6m). Due to smart working capital management and higher earnings, cash flow from operating activities increased from EUR 3.5m (FY 2023) to EUR 12.1m. After taking investments into account, its free cash flow jumped to EUR 9.7m (previous year: EUR 0.5m). The company was able to turn a net debt position (EUR 4,2m in FY 2023) to a net cash position of EUR 4.8m - a EUR 9m improvement. Guidance: the company expects to generate total output of around EUR 52m in FY 2025 and to achieve an EBIT margin of between 9% and 12% of total output. We regard this outlook to be conservative; one should keep in mind that there is substantial support from the government and state authorities in addition to original, fundamental demand for Daldrup's services. We therefore confirm our Buy recommendation and increase our TP to EUR 18.00 to reflect its improved cash position.
You can download the research here: http://www.more-ir.de/d/32816.pdf For additional information visit our website:
https://research.quirinprivatbank.de/
Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/
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2152046 06.06.2025 CET/CEST
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